Salem Media Group, Inc. Annual report pursuant to Section 13 and 15(d)

Operating and Finance Lease Right-of-Use Assets (Tables)

12 Months Ended

Dec. 31, 2021

The components of lease expense were as follows:


	Twelve Months Ended December 31, 2021
	(Dollars in thousands)

Amortization of finance lease ROU Assets	$	64
Interest on finance lease liabilities		8

Finance lease expense		72
Operating lease expense		12,874
Variable lease expense		699
Short-term lease expense		590

Total lease expense	$	14,235

Supplemental cash flow information related to leases was as follows:


	Twelve Months Ended December 31, 2021
	(Dollars in thousands)
Cash paid for amounts included in the measurement of lease liabilities:

Operating cash flows from operating leases	$	13,953
Operating cash flows from finance leases		5
Financing cash flows from finance leases		63
Leased assets obtained in exchange for new operating lease liabilities	$	6,507
Leased assets obtained in exchange for new finance lease liabilities		17

Future minimum lease payments under leases that had initial or remaining

non-cancelable

lease terms in excess of one year as of December 31, 2021, are as follows:


	Operating Leases
	Related Party			Other			Total			Finance Leases			Total
	(Dollars in thousands)

2022	$	1,537		$	10,782		$	12,319		$	64		$	12,383
2023		1,408			10,404			11,812			39			11,851
2024		1,314			8,086			9,400			20			9,420
2025		1,021			6,890			7,911			8			7,919
2026		1,341			6,678			8,019			1			8,020
Thereafter		3,955			20,411			24,366			3			24,369

Undiscounted Cash Flows	$	10,576		$	63,251		$	73,827		$	135		$	73,962

Less: imputed interest		(3,067	)		(19,901	)		(22,968	)		(12	)		(22,980	)

Total	$	7,509		$	43,350		$	50,859		$	123		$	50,982

Reconciliation to lease liabilities:
Lease liabilities – current	$	947		$	7,704		$	8,651		$	58		$	8,709
Lease liabilities – long-term		6,562			35,646			42,208			65			42,273

Total Lease Liabilities	$	7,509		$	43,350		$	50,859		$	123		$	50,982